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How The Mighty Have Fallen

This will be, for some, a tough one. But, if we are really to change the system, we have to be unsparing to people, no matter what political persuasion they come from.

Jon Corzine is skewered:

Congressional investigators took aim on Wednesday at a former colleague, Jon S. Corzine blaming the onetime senator’s risk-taking at MF Global for accelerating the brokerage firm’s demise.

In excerpts from a broader MF Global report to be released on Thursday, Republican members of a Congressional panel outlined a withering critique of Mr. Corzine’s 19-month tenure at the firm. Mr. Corzine, a former Democratic senator and governor from New Jersey, resigned as MF Global’s chief executive last fall after the firm raided customer accounts during a futile fight for its life.

While the Republican report avoided pinning blame on Mr. Corzine for the missing customer money, sidestepping whether a crime was committed, it argued that his fixation with risk positioned him as a central player in the firm’s collapse.

So, it is important to note that this is a Republican-driven investigation — and these bozos have said precious little about a whole host of other bankers who crashed the economy. And it is entirely possible that Corzine is 100 percent innocent and that this is an entirely politically motivated investigation.

BUT:

It is also possible that there is some truth to the charges. In my humble opinion, anyone who played loose and fast with the rules, or engaged in risky behavior, should be called out into the light of day.

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